I'm asking because I am trying to truly assess the risk on my GUSD here. Is something along these lines how everyone understands this here as well? Presumably Genesis makes an origination fee on the loan paid by the borrower (usually 2%) in our example $10k, then need to lend $500k USD so they borrow GUSD from Gemini to actually make that loan to their client via the Earn platform at say 9.5% (they take out, in my example 0.5% riskless) and then Gemini borrows the $500k GUSD from Earn depositors like me at 8.05% APY (so Gemini makes 1.45% riskless in my example). So I take that to mean people keep BTC or ETH on cold storage deposit at Genesis and borrow USD against it via Genesis.įor example, let say a client of Genesis wants to borrow $500k USD vs their coins, they bring say $1mm of BTC as collateral and Genesis lends USD to their clients at say 10% APY vs their deposit of crypto. Im looking for input if experienced folks here understand the risk the same way I do:įrom what I have been able to understand about Genesis, the counterparty marketed via Gemini Earn as that borrower (Genesis is also the counterparty on other platforms like Blockfi), is they are a cold storage, trading and lending platform for crypto. I'm trying to determine exactly the level of risk of the Earn platform on GUSD. However, I have a very hard time, determining the level of risk I am taking by depositing GUSD through Earn on the Gemini platform. To that end, the 8.05% APY offered thru Gemini Earn is enticing (as are other offers on other platforms).I feel very confident in assessing the risk of GUSD itself and its peg to $1.00 USD. I've been dabbling in crypto for a while, but getting more interested in CEFI returns on stable coins. I appreciate in advance any responses here. GUSD is supported across dozens of DeFi protocols, applications, and exchanges.Hi there y'all. Users enjoy the transfer happening in seconds and settlement on the Ethereum Blockchain. Read moreĪlso, GUSD is an Ethereum ERC-20 token, fully programmable and ready for use in smart contract development. In addition, it can be used to spend in daily life and to send across borders in seconds to further spend at stores that accept Gemini Pay. GUSD can be used with DeFi Automated Market Makers and other liquidity pools. In addition, holders earn high yields in DeFi by using Gemini Earn. The GUSD can be used to transact on decentralized exchanges, to trade and stake in DeFi. Also, there are no fees to buy or sell GUSD through Gemini. It is transparently audited, and there are no compromises: USD reserve audits are published monthly by an independent registered accounting firm, BPM LLP, and the Ethereum smart contract has been audited by Trail of Bits, a leading information security research & development firm. GUSD reserves are eligible for FDIC insurance up to $250,000 per user while custodied with State Street Bank and Trust. company regulated by the New York Department of Financial Services. It is always convertible to exactly $1 at Gemini. Gemini Dollar (GUSD) is the 1:1 USD-backed stablecoin built by a secure, reliable, and regulated cryptocurrency exchange. They are implementing the industry’s leading security protocols across the platform at par with top financial institutions. The interest compounded daily is up to 8.05% in APY. Unlike other opportunities to earn interest on your cryptocurrency, you will be able to redeem and move your cryptocurrency back to your trading account (plus interest) at any time. The sooner you open an account, you can purchase any amount of cryptocurrency and immediately opt-in to Gemini Earn to begin earning interest on your balance. With Gemini Earn, you can receive up to 8.05% APY on your cryptocurrency, including stable coins. Gemini Earn helps users to put their crypto balance to work. Additionally, you can earn up to 7.4% APY on your crypto held at Gemini. We've hit this milestone in less than six months since its launch this February. Tyler Winklevoss expressed: There is now over $3 billion of crypto earning interest in Earn. The name behind Gemini being Tyler Winklevoss and Cameron Winklevoss will tell you the rest in terms of reputation. The exciting news doing the rounds is that Gemini customers are now earning interest on more than $3 billion in loans that originated through Gemini Earn. Gemini Earn (GUSD) To Earn Interest For Your Cryptocurrency 7.4% APY Gemini Earn (GUSD) To Earn Interest For Your Cryptocurrency 7.4% APY
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